How to Transfer a Roth IRA from Fidelity to U.S. Bank

Retirement account transfers may sometimes seem complicated, especially when switching from one financial institution to another. You might find that your current investment options no longer align with your financial strategy, or that another provider offers different tools and services that better support your long-term goals.

Transferring a Roth IRA through a direct trustee-to-trustee transfer can help protect your tax-advantaged savings while making the move to a platform that better fits your evolving retirement needs.

At Carry, we want to make financial decisions feel more manageable, even if you’re handling them outside our platform. Please note that while we try to provide the most up-to-date information, these processes are subject to change without notice, so be sure to check with your provider before moving forward. 

Step 1: Understand Your Roth IRA Transfer Basics

A Roth IRA transfer involves moving your retirement funds from Fidelity to U.S. Bank through a direct trustee-to-trustee transfer, which allows your funds to move smoothly between financial institutions without triggering taxes or penalties.

What You’ll Need:

✅ Your current Fidelity Roth IRA account number

✅ Social Security Number

✅ Valid government-issued identification

✅ Online access to both Fidelity and U.S. Bank accounts

✅ Recent IRA statement from Fidelity

Step 2: Initiate the Transfer with U.S. Bank

Contact U.S. Bank’s retirement services department to start the transfer process. They will guide you through the necessary steps and provide the required documentation. In most cases, the receiving institution (U.S. Bank) manages the communication with the current provider (Fidelity) to facilitate the transfer.

Step 3: Select Your Transfer Method

Choose a direct trustee-to-trustee transfer, which minimizes the risk of tax consequences. This method ensures your funds move directly between custodians.

📝 Important: Do not request a distribution check payable to yourself, as this could trigger taxable consequences and a potential early withdrawal penalty.

Step 4: Prepare Required Documentation

Before submitting your transfer request, gather the following:

✅ Most recent Fidelity Roth IRA statement

✅ Completed transfer request form from U.S. Bank

✅ Proof of identification (driver’s license or passport)

✅ Updated personal contact information

✏️ Hypothetical Example: If you cannot locate your Fidelity statement, you can usually access it through your online Fidelity account or request a mailed copy from their customer service.

Step 5: Understand Transfer Timeline

Most Roth IRA transfers between financial institutions typically take 5–10 business days to complete. Transfers using the Automated Customer Account Transfer Service (ACATS) system are generally processed more efficiently.

📝 Tip: Refrain from trading or making contributions during the transfer window to avoid processing delays.

Step 6: Verify Transfer Details

After initiating the transfer, confirm the following with both institutions:

✅ Total account balance was transferred correctly
✅ No partial transfers unless requested
✅ No unexpected liquidation of investments unless pre-approved

Step 7: Consider Potential Transfer Fees

While most trustee-to-trustee transfers are free, always confirm potential costs with both Fidelity and U.S. Bank:

✅ Fidelity generally does not charge transfer-out fees for Roth IRAs, but a $50 fee may apply if you fully close your IRA.
✅ U.S. Bank may charge a small incoming transfer processing fee, depending on account type

📝 Note: Clarify fee details during your initial consultation with both providers.

Step 8: Complete Final Verification

Once the transfer is complete:

✅ Review your new U.S. Bank Roth IRA statement
✅ Compare it against your final Fidelity statement
✅ Verify that all assets and balances are reflected accurately

📝 Tip: Retain all related transfer documentation for your personal financial records and future tax reference.

📌 If you need any additional guidance, be sure to check out these related articles:

Final Thoughts on Your Roth IRA Transfer

Transferring your Roth IRA from Fidelity to U.S. Bank can be completed smoothly by following a clear and careful process. The key takeaways include:

✅ Trustee-to-Trustee Transfer: Choosing a direct trustee-to-trustee transfer allows your retirement funds to move between custodians without triggering taxes or penalties. Initiating the transfer through U.S. Bank helps minimize the risk of errors or delays.

✅ Accurate Documentation: Gather all necessary documents, including your most recent account statements, government-issued identification, and completed transfer request forms. Providing consistent and accurate information is essential to prevent processing delays.

✅ Timing and Final Verification: Most Roth IRA transfers complete within 5–10 business days, although complex cases may take longer. After the transfer, carefully verify that the full account balance and intended assets have successfully transferred to your new U.S. Bank Roth IRA.

📝 Reminder: Always maintain records of the completed transfer for your personal financial documentation and future tax reference.

📌 Want to dive deeper? Here are some other helpful resources:

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Disclaimer:

The Carry Learning Center is operated by The Vibes Company Inc. (“Vibes”) and contains generalized educational content about personal finance topics. While Vibes provides educational content and technology services, all investment advisory services discussed on this website are provided exclusively through its wholly-owned subsidiary, Carry Advisors LLC (“Carry Advisors”), an SEC registered investment adviser. The information contained on the Carry Learning Center should not be construed as personalized investment advice and should not be considered as a solicitation to buy or sell any security or engage in a particular investment, accounting, tax or legal strategy. Vibes is not providing tax, legal, accounting, or investment advice. You should consult with qualified tax, legal, accounting, and investment professionals regarding your specific situation.

The accounts, strategies and/or investments discussed in this material may not be suitable for all investors. All investments involve the risk of loss, and past performance does not guarantee future results. Investment growth or profit is never a guarantee. All statements and opinions included on the Carry Learning Center are intended to be current as of the date of publication but are subject to change without notice.

To access investment advisory services through Carry Advisors, you must be a client of Vibes on an eligible membership plan. For more information about Carry Advisors’ investment advisory services, please see our Form [ADV Part 2A] (https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=916200) brochure and [Form CRS] (https://reports.adviserinfo.sec.gov/crs/crs_323620.pdf) or through the SEC’s website at [www.adviserinfo.sec.gov] (http://www.adviserinfo.sec.gov/).